Shares ISA while living in US/w-8ben/w-9
Dec 22nd 2009, 7:30 am
#1
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Joined: Aug 2008
Posts: 28
Shares ISA while living in US/w-8ben/w-9
I am sure many people here have Shares ISA from UK brokers, which they still maintain. I have one as well, which I was managing online till now.
My broker has now told me that I need to renew my w-8ben form, so that my UK resident status can be reported to IRS. Since I will actually be a US resident (tax purposes) this year, I cannot fill out w-8ben. I need to fill out w-9, but my UK broker doesn't want to deal with it, and hence the post here.
How do other people trade US shares in a UK ISA, while living as a US resident here. Does anybody know of a broker who would allow me to maintain an ISA to do this.
Thanks for all suggestions and pointers.
My broker has now told me that I need to renew my w-8ben form, so that my UK resident status can be reported to IRS. Since I will actually be a US resident (tax purposes) this year, I cannot fill out w-8ben. I need to fill out w-9, but my UK broker doesn't want to deal with it, and hence the post here.
How do other people trade US shares in a UK ISA, while living as a US resident here. Does anybody know of a broker who would allow me to maintain an ISA to do this.
Thanks for all suggestions and pointers.
Dec 22nd 2009, 11:42 am
#2
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Joined: Nov 2007
Location: South Staffs UK & Gulf Coast Florida
Posts: 137
Re: Shares ISA while living in US/w-8ben/w-9
Are you saying that now your broker knows you are US resident they don't want to deal with you? That's usually the case with a lot of UK investments once they know. I guess a lot of people don't really trade their ISAs like you or have Unit Trust ISAs (or similar) which, theoretically, can be heavily taxed on profits in the US.
I guess it depends how much they are valued at and where you are going to be in the future. You could cash out and invest via a US brokerage if staying. For the UK though it may be a case of trawling to see who will deal with you, e.g. TD Watrerhouse, Scottrade, Internaxx.
I guess it depends how much they are valued at and where you are going to be in the future. You could cash out and invest via a US brokerage if staying. For the UK though it may be a case of trawling to see who will deal with you, e.g. TD Watrerhouse, Scottrade, Internaxx.
Dec 22nd 2009, 5:31 pm
#3
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Joined: Aug 2008
Posts: 28
Re: Shares ISA while living in US/w-8ben/w-9
Thanks for the quick reply.
Well, broker just needs to accept my w-9 rather than w-8ben, since I am currently a US resident for tax purposes. I told them that I cannot fill in w-8ben, which is only for non-us residents. I thought it would be snap for my current broker, but some companies just do not have support for all user base.
I am sure there are other brokers who would do this.
Since, here all are British expats in US, I was hoping people still had their ISAs after moving here. I don't think people just close their ISAs once they move. Mine is just a temporary move for few years, so I want to be able to trade within my ISA online like I did before.
Anybody still has a shares ISA account?
Well, broker just needs to accept my w-9 rather than w-8ben, since I am currently a US resident for tax purposes. I told them that I cannot fill in w-8ben, which is only for non-us residents. I thought it would be snap for my current broker, but some companies just do not have support for all user base.
I am sure there are other brokers who would do this.
Since, here all are British expats in US, I was hoping people still had their ISAs after moving here. I don't think people just close their ISAs once they move. Mine is just a temporary move for few years, so I want to be able to trade within my ISA online like I did before.
Anybody still has a shares ISA account?
